Saudi Arabia exciting destination for e-commerce, logistics and tourism, says what3words

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What3words, which is a proprietary geocoding system designed to divide any location in the world into 3-meter squares, each with a unique combination of three words, has seen rapid growth in the Kingdom in the past couple of years. Supplied
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Updated 15 October 2023
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Saudi Arabia exciting destination for e-commerce, logistics and tourism, says what3words

LONDON: Saudi Arabia seems to be the key exciting place in the region to be doing business and provides opportunities across e-commerce, logistics, tourism, transport and the on-demand economy, a leading global navigation company has said.

“We view Saudi as an incredibly exciting place to be doing business at the moment,” said Chris Sheldrick, co-founder and CEO of what3words. “I’ve been coming regularly for over five years and just seeing the rapid expansion there across, of course, the megaprojects like ROSHN and others that we’re very happy and excited to be involved in, but (also) all of the things which are pointing toward Vision 2030.”

What3words, which is a proprietary geocoding system designed to divide any location in the world into 3-meter squares, each with a unique combination of three words, has seen rapid growth in the Kingdom in the past couple of years.

The London-based company has signed several agreements with local companies in the past few months, further bolstering its reach in Saudi Arabia, which it sees as the gateway to the region for it to succeed in the Middle East, Sheldrick told Arab News, adding they expect more deals to be signed in the coming months.

The Kingdom’s leading national real estate developer, ROSHN, which is funded by the Public Investment Fund, signed a memorandum of understanding with the location technology solution-provider to adopt what3words addresses in all the communities it will be developing across the country, complementing the Saudi National Addresses.

The partnership targets ROSHN communities, all key social gathering points, retail and entertainment destinations, and public amenities, and residents will be able to receive packages delivered to their doorstep through courier service providers who are already using what3words.

ROSHN’s community operations staff will be able to use what3words addresses to dispatch field staff efficiently and accurately to the exact location where needed, and the deal aims to enhance the quality of life of residents and uplift the services offered within those communities.




The Kingdom’s leading national real estate developer, ROSHN, signed a MoU with the location technology solution-provider to adopt what3words addresses in all the communities it will be developing across the country. Supplied

“They are using what3words for highlighting all of the key locations in their communities as well as where the houses are themselves, so it’s an enormous-scale project and with new properties being built and entire, if you like, regions and towns taking shape, people will need a ready-to-go address system to use.”

In June, what3words signed a deal with Eirad Trading and Contracting — UPS’s Authorized Service Contractor in the Kingdom, to integrate its technology into their in-flight communications and retailer application programming interface, enabling e-commerce businesses to offer their customers deliveries to any 3-meter-square in the country.

“We’ve had partnerships with other logistics companies like Aramex in the past, so this is a really key brand to be coming on board,” Sheldrick said, adding that Eirad has integrated what3words using a “very slick interface for consumers.”

Redsea, an e-commerce site for Abdul Latif Jameel Electronics, began introducing what3words in September and is a “shining example of what we’d like all the others to do as well,” he said.

“For citizens of Saudi, we’d love to see pretty much every e-commerce checkout page that they encounter, exactly the same as Redsea have done with that field on the checkout page.”

Other e-commerce partnerships they have secured recently include Flow Progressive Logistics, supply chain company Starlinks, shipping gateway company OTO, and Sheta and Saif home appliances and electronics store.

What3words is also focusing on car manufacturers and has now signed nearly 20 car navigation suppliers globally, so “when you go and buy your car, and you use the navigation, you would hope that what3words is embedded within it,” Sheldrick said.

“The Middle East is often one of the territories that is cited, given the address difficulties across the region by the car manufacturers to actually build this technology in, so it’s something that we want to be completely universal (and) that’s a big area of growth for us aside from e-commerce and logistics.”

The company has signed a number of deals with emergency services in the Kingdom, including the Saudi Red Crescent, but is looking to grow a lot more in that area, along with public transport targeting deals to integrate in both Saudi Arabia and the UAE.

Tourism and leisure is another key focus, and the latest travel guide for the Middle East issued by Lonely Planet has three word addresses printed all throughout that Saudi section for people to be able to find exact dive sites or the best hiking or camping spots in the middle of nowhere.

“If you leave the business and e-commerce aspects aside, when it comes to individual or personal use, there are a lot of leisure activities in Saudi Arabia (and) we definitely want people to think of us in that way as a platform that they can use to find absolutely anywhere when they’re enjoying themselves.”

Sheldrick said that he was looking forward to his visit to the Kingdom at the end of the month to attend the 7th Future Investment Initiative conference — a regular fixture in his diary as the event attracts many people from around the world.

“Our core value is that it’s literally an address for everywhere, so it doesn’t matter if it’s a big city, but the rural communities are often one of the places where addressing is the most difficult,” he said.

“What3words (which is available in 50 languages, including Arabic) is becoming increasingly well-known and we aspire to be a household name like we are in the UK, both in Saudi Arabia and the UAE.”


Saudi airline flynas’ IPO oversubscribed by nearly 350%

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Saudi airline flynas’ IPO oversubscribed by nearly 350%

RIYADH: Saudi low-cost carrier flynas finalized its initial public offering share allocation at SR80 ($21) per share, the top of its indicated range, following robust demand from institutional and retail investors.

The pricing values the airline at an estimated market capitalization of SR13.6 billion at listing.   

The offering comes after flynas announced plans last month to float 30 percent of its share capital on the Saudi Exchange, becoming the first airline in the Kingdom to go public and the Gulf’s first in nearly two decades. 

Between May 28 and June 1, 666,069 retail investors oversubscribed the offering by nearly 350 percent, receiving 10.25 million shares, or 20 percent of the total. Institutional investors showed even stronger appetite, oversubscribing their tranche by roughly 100 times, with orders totaling SR409 billion from both local and international buyers. 

In a press release, flynas stated: “Each retail investor was allocated a minimum of 10 shares, with the remaining shares allocated on a pro-rata basis in proportion to the size of demand, resulting in an average allocation factor of 12.3 percent.” 

It added: “Any surplus subscription funds will be refunded to retail investors no later than Thursday, 5 June 2025.” 

The company’s shares are expected to list and begin trading on the Main Market of the Saudi Exchange once regulatory requirements are met with the Capital Market Authority and the exchange. The exact listing date will be announced in due course. 

The IPO marks a key milestone for the company as it seeks to strengthen its market position and expand its operational footprint. 

“This strategic move will propel us toward becoming the leading low-cost carrier in the MENA region for short and medium-haul markets by 2030,” Bander Al-Mohanna, CEO and managing director of flynas, said last month. 

He added: “Through this IPO, we are offering investors access to a unique and valuable asset in the rapidly growing KSA and GCC aviation sector.” 

The strong interest from both retail and institutional investors reflects rising confidence in the Kingdom’s aviation sector and its broader economic diversification efforts. 

Launched in 2007, the airline holds a 23 percent share of Saudi Arabia’s domestic aviation market and operates one of the youngest fleets in the region, with an average aircraft age of 3.2 years. The airline reported an 88 percent on-time performance rate in 2024. 

Proceeds from the IPO will be used to expand its fleet — including a major order for 225 Airbus aircraft — enhance services for Hajj and Umrah travelers, and invest in cargo operations. 

The strong capacity growth of flynas aligns with Saudi Arabia’s national goal to establish itself as a global tourist and business destination. The Kingdom aims to attract over 150 million visitors by the end of this decade.


PIF-backed D360 bank eyes global investors for Series A round 

Updated 33 min 1 sec ago
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PIF-backed D360 bank eyes global investors for Series A round 

RIYADH: Saudi Arabia’s Public Investment Fund-backed digital bank D360 is in early talks with potential global investors as it prepares for a Series A funding round planned for the second half of 2025. 

The Shariah-compliant lender, which began operations in December, is targeting the first quarter of 2026 to complete the raise, CEO Eze Szafir said in an interview with Bloomberg. 

This development follows the bank’s successful securing of around $500 million from existing shareholders, including PIF and Derayah Financial Co. 

While Szafir did not disclose the size of the upcoming round, he told Bloomberg the funding will support the bank’s efforts to expand services to small and medium enterprises, aligning with the Kingdom’s broader economic diversification strategy under Vision 2030. 

“We’re looking for new investors in the international landscape, most probably from Europe or the US, with the same quality we have here with the PIF and Derayah,” Szafir was quoted as saying. 

D360 also plans to roll out full lending services for individuals and SMEs later this year. 

In preparation for the raise, the company has appointed former JPMorgan Chase & Co. banker Mohammed Nazer as chief financial officer to lead the process. Nazer said the bank expects to appoint advisers to manage the Series A round by the end of July. 

One of the first institutions to be granted a digital banking license in Saudi Arabia, D360 currently serves over 1 million users. It is targeting 4 million account holders ahead of a potential public listing within the next four years. 

By adopting data-driven strategies and modern technologies, D360 aims to contribute to the development of the Kingdom’s digital financial infrastructure and align with the goals of Vision 2030. 

The move comes as the Saudi Central Bank continues to advance regulatory frameworks that support digital transformation in the financial sector. The institution, also known as SAMA, has prioritized fostering innovation and financial inclusion through digital banking, granting licenses to new digital players in a bid to modernize the Kingdom’s banking landscape and strengthen financial resilience. 

This push has helped Saudi electronic payments account for 79 percent of all retail transactions in the Kingdom in 2024, up from 70 percent the previous year, according to SAMA. 

The central bank also reported that the total number of non-cash retail transactions reached 12.6 billion in 2024, compared to 10.8 billion in 2023, reflecting the continued growth and widespread adoption of digital payment systems nationwide.


Oil Updates — crude inches up on supply concerns and weaker dollar

Updated 03 June 2025
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Oil Updates — crude inches up on supply concerns and weaker dollar

SINGAPORE: Oil prices ticked up on Tuesday on concerns about supply, with Iran set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer, while weakness in the dollar also supported prices.

Brent crude futures gained 12 cents, or 0.19 percent, to $64.75 a barrel by 9:27 a.m. Saudi time.

US West Texas Intermediate crude was up 20 cents, or 0.32 percent, to $62.72 a barrel, after rising about 1 percent earlier in the session.

The oil market surged higher on Monday as rising geopolitical risks and a supply hike from OPEC+ that fell short of expectations provided a boost, said ING analysts in a note.

“The strength continued into early morning trading today,” ING said on Tuesday.

Both contracts gained nearly 3 percent in the previous session after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as the previous two months.

“With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend’s meeting,” ANZ analysts said in a note.

Meanwhile, the dollar index, which measures its performance against six other major currencies, held near six-week lows as markets weighed the outlook for President Donald Trump’s tariff policy and its potential to hurt growth and stoke inflation.

A weaker US currency makes dollar-priced commodities such as oil less expensive for holders of other currencies.

“Crude oil prices continue to rise, supported by the weakening dollar,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Geopolitical tensions also supported prices. Iran was poised to reject a US proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran’s interests or soften Washington’s stance on uranium enrichment.

If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.

Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply.

According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7 percent of the country’s overall crude oil output. 


Closing Bell: Tadawul closes higher on Monday as TASI edges up; Nomu surges over 300 points 

Updated 02 June 2025
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Closing Bell: Tadawul closes higher on Monday as TASI edges up; Nomu surges over 300 points 

  • MSCI Tadawul 30 Index rose 2.47 points to settle at 1,384.58
  • Parallel market Nomu climbed 314.77 points to close at 26,984

RIYADH: Saudi Arabia’s Tadawul All Share Index closed slightly higher on Monday, gaining 24.82 points, or 0.23 percent, to reach 10,850.09.

Total trading turnover on the main market stood at SR4 billion ($1 billion). 

Market breadth remained mixed, with 116 gainers against 120 decliners. The MSCI Tadawul 30 Index rose 2.47 points, or 0.18 percent, to settle at 1,384.58. 

The parallel market Nomu recorded a more pronounced gain, climbing 314.77 points, or 1.18 percent, to 26,984, with 31 stocks advancing and 49 retreating. 

Savola Group led the main market gainers, advancing 4.48 percent to close at SR28. 

United Carton Industries Co., which recently debuted on Tadawul, added 4.40 percent to close at SR42.70 with over SR217 million in traded value. 

Other notable gainers included Aldawaa Medical Services Co., which rose 2.92 percent to SR77.60, Middle East Pharmaceutical Industries Co., up 2.82 percent to SR124, and Jabal Omar Development Co., which gained 2.76 percent to close at SR21.56. 

On the downside, Riyad Bank posted the sharpest drop of the day, falling 3.51 percent to close at SR27.50. 

Zamil Industrial Investment Co. dropped 2.76 percent to SR38.75, while Naseej International Trading Co. declined 2.86 percent to SR78.20. 

Emaar The Economic City slipped 2.71 percent to SR12.92, and Abdullah Saad Mohammed Abo Moati for Bookstores Co. fell 2.45 percent to close at SR35.80. 

On the announcement front, Al-Modawat Specialized Medical Co. disclosed that its board had passed a resolution to initiate the company’s transfer from the Parallel Market to the Main Market. 

The move is subject to regulatory approvals and fulfillment of the market’s listing conditions. Shares of Al-Modawat ended the day down 1.84 percent at SR17.06. 

Saudi Arabian Mining Co. announced that it has received approval from the Capital Market Authority to proceed with a capital increase in connection with its previously disclosed acquisition of full ownership in Maaden Bauxite and Alumina Co. and Maaden Aluminium Co. 

The move is part of a share purchase and subscription agreement signed with AWA Saudi and Alcoa Saudi in 2024. 

The capital increase will raise Ma’aden’s share capital from SR38.03 billion to SR38.89 billion through the issuance of 861.9 million new shares. 

The newly issued shares will be used to acquire 100 percent of the shares held by AWA Saudi in MBAC and Alcoa Saudi in MAC, corresponding to 25.1 percent of the issued capital of each entity. 

In total, Ma’aden will issue 89.98 million new shares to AWA Saudi and 165 million shares to Alcoa Saudi at a nominal value of SR10 per share.

The transaction is expected to be executed through a combination of share issuance and cash payment. 

The company stated that further updates, including shareholder meeting arrangements for capital increase approval, will be announced in due course. 

Shares of Ma’aden closed 0.92 percent higher on Monday at SR49.50. 


Oman’s electrical machinery exports surge 141% in Q1 as industrial policy drives growth 

Updated 02 June 2025
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Oman’s electrical machinery exports surge 141% in Q1 as industrial policy drives growth 

  • Non-oil exports rose by 8.6% year on year in the first quarter, reaching 1.618 billion rials
  • Growth in the electrical equipment sector is being supported by major infrastructure developments

RIYADH: Exports of electrical machinery and equipment from Oman surged by 141 percent in the first quarter of 2025, reaching 128 million Omani rials ($332.8 million) compared to 53 million rials in the same period of 2024, according to official data. 

The strong performance of the sector highlights its growing importance to the country’s industrial base and export competitiveness, the National Center for Statistics and Information revealed. 

Officials have linked the sharp rise to rising demand across domestic and regional markets, driven by ongoing infrastructure expansion and increased investment in renewable energy projects. 

In figures released in May, the Oman News Agency revealed that the country’s non-oil exports rose by 8.6 percent year on year in the first quarter of 2025, reaching 1.618 billion rials.

Commenting on the latest release, Khalid Al-Qassabi, director general of Industry at the Ministry of Commerce, Industry and Investment Promotion, stated that the positive results reflect the resilience and diversity of Oman’s industrial base, according to a report by the ONA.

“He noted that the ministry continues to implement integrated industrial policies aimed at enhancing the position of national products in regional and international markets and driving industrial exports to higher levels,” the news agency added. 

Al-Qassabi said that growth in the electrical equipment sector is being supported by major infrastructure developments, such as the expansion of electricity networks, utilities, and new cities. 

He also pointed to rising interest in renewable energy technologies, which is boosting demand for domestically manufactured components. 

The sector is considered a strategic priority under Oman’s Industrial Strategy 2040, with the potential to enhance supply chains, increase national value-added, foster entrepreneurship, and support the localization of advanced technologies. 

Jasim Al-Jadeedi, technical director in the Office of the Undersecretary for Commerce and Industry, reiterated the ministry’s focus on expanding the global presence of Omani industrial goods. 

He said this is a central objective of the country’s industrial strategy and a key component of its economic diversification agenda under Oman Vision 2040. 

Al-Jadheedi explained that several initiatives are underway to improve product quality and competitiveness, including support for manufacturers in meeting international technical standards. 

He added that the government is working with relevant stakeholders to unlock new export markets through trade agreements, international exhibitions, and trade missions, while offering targeted incentives to local exporters. 

The technical director also emphasized the importance of adopting advanced technologies, including artificial intelligence and Industry 4.0 tools, to enhance efficiency, reduce costs, and achieve sustainable industrial growth. 

This sectoral expansion comes amid broader momentum in the industrial economy. 

Total credit extended by Oman’s banking sector increased by 9 percent year-on-year to 33.6 billion rials by the end of April, indicating continued strength in financing for the private sector and industrial enterprises. 

Non-oil industrial exports overall rose by 8.6 percent during the first quarter to 1.618 billion rials, up from 1.49 billion rials a year earlier. 

Industrial goods accounted for 28 percent of total exports during the period, led by electrical machinery and mineral products, the latter of which recorded a 14.1 percent rise in exports to 462 million rials.